CryptoQuant says large wallets are accumulating Bitcoin, Ethereum and XRP, a pattern the analytics firm links to the final stage of a bear market. Bitcoin whale holdings have climbed to roughly 3.06 million BTC, while Ethereum's largest holders have added about 1.8 million ETH since mid-2025. CryptoQuant cautions that further downside remains possible before a floor is confirmed.
Large wallets are stepping up their positions in Bitcoin, Ethereum and XRP, and CryptoQuant says the buying pattern often shows up in the final phase of a bear market. The analytics firm laid out the case in a new report titled Buying the Bear: A Signal of the Bear Market's Final Stage, which tracks accumulation across the three assets' largest holders. CryptoQuant frames the trend as smart money positioning across the majors, though it stops short of calling a bottom.
Bitcoin whales add through the dip
Bitcoin whale holdings, excluding exchanges and mining pools, have risen through 2026 to roughly 3.06 million BTC. These wallets added aggressively as price dipped below $60,000 in June. The total still sits below the 2025 bull-cycle peak near 3.23 million BTC.
XRP whales position quietly
XRP tells a different story. Spot order sizes remain in "big whale" territory while price holds the $1.0 to $1.2 range, but the 90-day taker CVD sits in a neutral phase. CryptoQuant describes this as accumulation by absorption rather than aggressive market buying.
Ethereum's mega-whales expand while smaller holders sell
Ethereum shows a split between cohorts. The 10,000-to-100,000 ETH balance group has climbed to record highs near 19.6 million ETH. The 100,000-plus mega-whale cohort has added roughly 1.8 million ETH since mid-2025, about 70% more. Meanwhile the smaller 1,000-to-10,000 ETH cohort keeps distributing, down roughly 2.7 million ETH since January.
Valuations near late-bear-market zones
CryptoQuant ties the accumulation to valuation levels it associates with late-stage bear markets. Bitcoin near $64,000 and XRP near $1.1 trade close to their realized prices of $52,900 and about $0.75. Ethereum near $1,900 trades below its realized price of about $2,450, near the lower band. CryptoQuant says the risk-reward picture has improved markedly, but it warns further downside is always possible before a confirmed floor is reached.
Source: CryptoQuant
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